Peter Schiff: ‘We Will Live Through Another Great Depression Which Will Be MUCH MUCH WORSE’

Financial guru Peter Schiff, who accurately predicted the recession of 2008, says the problems we face now are even bigger. We will live through another Great Depression if Schiff is correct. And one of the main concerns is something very few dare to even mention or show a concern about: the national debt.

Schiff’s podcast from a few days ago highlights a very important problem with not only the economy as we know it but the mainstream media as well. Unable to take their attention off gun control regulations for even a moment to focus on a much bigger concern, the national debt, the mainstream media is effectively trying to hide what’s coming down the pipe. The lack of coverage seems to be spurring a lackadaisical attitude about the almost $21 trillion debt.

“The bad news is, we are going to live through another Great Depression and it’s going to be very different. This will be in many ways, much much worse, than what people had to endure during the Great Depression,” Schiff says. “This is going to be a dollar crisis.”

“These hot inflation numbers that we’ve been getting are going to get a lot hotter…all this inflation that has been in the financial markets, in the stock markets, in the bond market, in the real estate market, everybody loved inflation when it was making you rich…the problem is going to be when it makes you poor. That’s when it starts showing up in the cost of living; all the things you need to buy end up being a lot more expensive.”

“When you are talking about the magnitude of the debt we have, that extra money [raising interest rates] is big. That’s going to be a big drain on the economy to the extent that we have to pay higher interest to international creditors…a lot of this phony GDP is coming from consumption, while the average American who is consuming is deeply in debt and they are going to impacted dramatically in the increase in the cost of servicing that debt…given how much debt we have, and how much debt is going to be marketed the massive increase in supply will argue for interest rates that are higher.”

“The Fed thinks they create economic growth…by [saying] ‘let’s jack up the stock market and then the economy’s going to grow and people are going to go out and spend more money.’ It’s actually doing damage. If you create a bunch of phony wealth, and people end up spending money that they otherwise would have saved, you are undermining economic growth.”

“Everything the Fed has done has undermined real economic growth, that is why this coming collapse is going to be so devastating,” says Schiff. “It’s shrinking government that grows the economy. When you make government smaller and you free up resources back into the private sector, that’s what grows the economy.”

Schiff again suggests looking at gold as a way to protect yourself against the dollar’s collapse.

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My understanding is that most our debt is held by Americans. We have some foreign debt but it is small in comparison.
We owe government funded retirements, social security, and bonds that are not fully funded. That is where the hurt will be.
I prefer depression to inflation as I’m on a fixed income and inflation is killing me.
America and Canada pretty much together are entirely self sufficient and really don’t need external imports, so I would
not expect long term shortages.
As for gold, it is a artificial market, good for investing only, as nobody where I live will accept it as payment.
My chickens produce about 1 dozen eggs per day( which is increasing) which I suspect is far more useful to hungry people than gold.

Same stats on the eggs right now, hens getting rolling finally, at their peak they will be up to about 2 dozen a day, good eggs too. Been eating a lot more omelets lately, home grown eggs, broccoli, onions, and zucchini with a little bacon or vennison portugese sausage,,, good stuff

“My chickens produce about 1 dozen eggs per day( which is increasing) which I suspect is far more useful to hungry people than gold.”

And that is what so many preppers dont seem to understand. You cannot eat, drink gold. You cannot F*** it. It will not keep you warm at night.
Even Selco and his observations in Bosina, gold was not worth nearly as much as food.
Post SHTF, perhaps. But you have to survive the SHTF first.
Everyone needs food to live.
No one needs gold.

Food will be the important thing…and….water. Winter? Better have a way to keep warm. Cities…big and small….will be utter chaos. County people will fare but t will still be tough if you have not prepped.

I think it is, I’ve been reading this for maybe 15 years off and on with different handles, I give it a break every now and then because it’s the same thing every month. the person collecting the loot for all the advertising on the sides is making out good long as they have a followers.

Really, what about Every bank going under, and the insurance Co’s, and pensions, if you did that. You would also bankrupt most everyone in the country, ruin the money, and instantly put more people out of work than at the worst of the Great Depression; plus halt almost all world trade unless done for physical Gold, you are an ass.

I’m fine with that solution John.
As long a s one thing is understood…….
Every nation that owes money to the United States gets to push their delete key as well.
Otherwise…….the Hypersonic nukes might start a-flyin.
What do you think?

Ah Pete, Pete, Peter…. don’t fret. We’ll be getting into a big-a** war soon and that ol’ pesky debt will just evaporate. Isn’t that more or less what happened last WW go-round? Only this time, when it’s over there won’t be any of those pork-bellied war-racketeers left to be holding the nation’s notes. They’ll be glowin’ in the dark along with the rest of us.

The Great Depression and the WW2 debt was cleared by the discovery of huge deposits of oil at Big Top Texas. That cheap energy propelled the US economy that easily employed the returning Veterans and covered the war debt.

Getting the government out of the way of Fracking, pipelines and clean coal provides, cheap energy, a huge amount of lubricant for the economy. The only way the economy is going to be stopped now is if the FED or Democrats and RINO’s purposely sabotage the economy and the dollar.

Frack your own backyard mo fo! NOBODY wants their water contaminated/ wells destroyed with that shit! Frack in my area and I will blow that fucker up! Clearly you need to do more reading up on things….

I know,
The thing is, THATS ALL THEY HAVE! There is NO other industry in the state any more.
Tourism only, completely reliant on outside inputs, cant even fake it, no tourist no money, and the break even is somewhere around the 60% occupancy,
Let it dry up 😎👍🏻

same here, I say bring it on while I’m still young enough bring my family thru it. I can go right back to living WW2 forties style and not even miss all this crap going on today.. light the lamps and throw another piece of wood on the fire, will you Ma??

Genius,
It’s my plan to find the Elite’s underground bunkers and outfit their air intake pipes with a toilet seat, and day after day grab my newspaper, mount the toilet seat, and then let er fly. They can breathe that in for a few days before they give up and come out to face justice.

YES that will totally work! I’m sure that your “Barney Fife elite” who were smart enough to make lots of money and smart enough to have bunkers with years of food stored, but somehow none of them will have any security, guns/ammo or any contingency plans for the potential mobs that want to $#!+ down their pipes.

Reality = the only way the bunker life ends is when a large earthquake either buries them or forces them out AND that will be the very same EQ that does the same to you.

I would bet money you die like a popsicle – sitting on a pipe with a bullet in your head!

I don’t hear Mr. Schiff talking about an even bigger problem, which is the $21 Trillion and counting amount the Pentagon cannot account for. Since their budget is in the Billions, not Trillions, this amount if puzzling, but it doubles the debt potential we are facing. Sure they’re doing the “first ever audit” but we’ll never know the truth.

Irwin Allen Schiff was a patriotic American tax protester. He was known for writing and promoting literature in which he claimed the income tax in the United States is illegally and unconstitutionally enforced.

People that can must be saving money outside the banking system instead of spending it. Don’t know how smart or not that may be, does anybody know or will it become more or completely worthless in a short period of time?

Good question; Don’t know; another question: The savings rate is very low; but how much of that is people stockpiling PM, ammo, cash, etc, don’t know that either. From the outside my savings rate looks good, but not spectacular, Counting what’s really going on, it’s super.,

I save ALL my money outside the banking system. The bulk of it in metals. Cash enough for a month or two. NO ONE can steal my savings! Not the bank, the IRS, The cops, Lawsuits, ANY govt. agency, you think that is smart? Fook yes it’s smart! If the dollar tanks then metals will skyrocket! People will soon want metals for goods instead of paper satans. I can even pay my property tax in metals. But I also can go for a year or so with no money at all (till gas runs out) and several years without money (like I said for gasoline). Sure I will have no phone or internet but I have several shortwaves and radio comms. I also have several bugout locations with water and a camper to live in should I need to leave the offgrid cabin. Don’t ever keep your savings in a bank no matter what form it is in!

IMO, the reason savings rates are so low is EVERYONE I KNOW is in debt up the ass! Fooking retards that want to live above their means and have a bunch of new shit on credit. They WILL eat shit. I have lived well below my means for decades and used my $ to buy land, metals, cabin, preps, tools, liberty tools, older vehicles for cash, etc. A guy came over one time and bought some solar panels from me and as he was leaving he said that he does some kind of debt relief thing for a living. When I told him we have no debt and I don’t even have a credit card he couldn’t believe it! He said I was the only person he had ever seen in that situation lol. That should speak volumes….

As long as the US Military is the strongest military power on earth the dollar will have value: if only within the continental United States.

The sovereignty of Western Civilization must be erased for the dollar to “collapse”. Not gonna happen. That $21 trillion in debt represents the SAVINGS of the NWO, their liquidity, and their purchasing power.

Just be sure to transfer everything attachable (home, car, etc) to a trust so they cannot get their hands on it with a judgement. A far as your cash goes, Keep it, as well as, any metals stashed out of sight. SS income is safe it cannot be attached. When the SHTF they will try and get everything you have.

They are going to have to change a lot of laws. All cash I keep is not deposited. Metals and cash are stashed. My home is listed as a homestead. The only thing showing at bank is SS check, which I balance down every month. No mortgage, no car loan, no cc debt, which I may run up when the crash starts.

I think we are heading for a war economy. In fact, we are de-facto already there. We have wartime legislation, executive orders, generals in the White House, massive increases in defence spending, trillions missing in secret budgets, an explosion in overseas bases, special forces now operating in a 100 plus countries, and the biggest, faggiest generation of dip-shits ever (the Millennials).

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